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2021-06-22
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Bitcoin steadies in Asia trading after Monday's plunge
Huijieh
2021-06-21
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Ether, the second-biggest crypto currency, was up 3.54% at 1,950 after hitting a five-week low the day before.</p>\n<p>Monday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading.</p>\n<p>Beijing has sharply ratcheted up its campaign in the past few weeks, since China's State Council, or cabinet, said last month it would tighten restrictions on bitcoin trading and mining.</p>\n<p>However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news.</p>\n<p>\"A Chinese ban on cryptocurrencies isn't something new. The <a href=\"https://laohu8.com/S/AONE\">one</a> that came out yesterday was almost a copy of a previous annoucement, earlier this year,\" said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX.</p>\n<p>\"As always, leverage, large participants and fundamental events mean crypto can move dramatically,\" he said.</p>\n<p>Last month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.</p>\n<p>Market participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments.</p>\n<p>However, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin steadies in Asia trading after Monday's plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 10:13 GMT+8 <a href=https://www.streetinsider.com/dr/news.php?id=18585851><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18585851\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00662":"亚洲金融"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18585851","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145378290","content_text":"HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent the world's largest token to a two-week low.\nBitcoin was last up 3.17% at 32,600, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 3.54% at 1,950 after hitting a five-week low the day before.\nMonday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading.\nBeijing has sharply ratcheted up its campaign in the past few weeks, since China's State Council, or cabinet, said last month it would tighten restrictions on bitcoin trading and mining.\nHowever, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news.\n\"A Chinese ban on cryptocurrencies isn't something new. The one that came out yesterday was almost a copy of a previous annoucement, earlier this year,\" said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX.\n\"As always, leverage, large participants and fundamental events mean crypto can move dramatically,\" he said.\nLast month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.\nMarket participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments.\nHowever, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167398964,"gmtCreate":1624245719058,"gmtModify":1703831458345,"author":{"id":"3581996555408245","authorId":"3581996555408245","name":"Huijieh","avatar":"https://static.tigerbbs.com/2d43c114a80239385956b77ead54f240","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581996555408245","authorIdStr":"3581996555408245"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167398964","repostId":"1135860567","repostType":4,"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":120405112,"gmtCreate":1624330330636,"gmtModify":1703833688109,"author":{"id":"3581996555408245","authorId":"3581996555408245","name":"Huijieh","avatar":"https://static.tigerbbs.com/2d43c114a80239385956b77ead54f240","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581996555408245","authorIdStr":"3581996555408245"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/120405112","repostId":"2145378290","repostType":4,"repost":{"id":"2145378290","kind":"news","pubTimestamp":1624327980,"share":"https://ttm.financial/m/news/2145378290?lang=&edition=fundamental","pubTime":"2021-06-22 10:13","market":"us","language":"en","title":"Bitcoin steadies in Asia trading after Monday's plunge","url":"https://stock-news.laohu8.com/highlight/detail?id=2145378290","media":"StreetInsider","summary":"HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement","content":"<p>HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent the world's largest token to a two-week low.</p>\n<p>Bitcoin was last up 3.17% at 32,600, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 3.54% at 1,950 after hitting a five-week low the day before.</p>\n<p>Monday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading.</p>\n<p>Beijing has sharply ratcheted up its campaign in the past few weeks, since China's State Council, or cabinet, said last month it would tighten restrictions on bitcoin trading and mining.</p>\n<p>However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news.</p>\n<p>\"A Chinese ban on cryptocurrencies isn't something new. The <a href=\"https://laohu8.com/S/AONE\">one</a> that came out yesterday was almost a copy of a previous annoucement, earlier this year,\" said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX.</p>\n<p>\"As always, leverage, large participants and fundamental events mean crypto can move dramatically,\" he said.</p>\n<p>Last month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.</p>\n<p>Market participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments.</p>\n<p>However, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin steadies in Asia trading after Monday's plunge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin steadies in Asia trading after Monday's plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 10:13 GMT+8 <a href=https://www.streetinsider.com/dr/news.php?id=18585851><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18585851\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00662":"亚洲金融"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18585851","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145378290","content_text":"HONG KONG (Reuters) - Bitcoin stabilised in Asian trading on Tuesday morning a day after a statement from China's central bank reaffirming the ongoing crackdown on cryptocurrencies in the country sent the world's largest token to a two-week low.\nBitcoin was last up 3.17% at 32,600, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 3.54% at 1,950 after hitting a five-week low the day before.\nMonday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading.\nBeijing has sharply ratcheted up its campaign in the past few weeks, since China's State Council, or cabinet, said last month it would tighten restrictions on bitcoin trading and mining.\nHowever, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news.\n\"A Chinese ban on cryptocurrencies isn't something new. The one that came out yesterday was almost a copy of a previous annoucement, earlier this year,\" said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX.\n\"As always, leverage, large participants and fundamental events mean crypto can move dramatically,\" he said.\nLast month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.\nMarket participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments.\nHowever, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167398964,"gmtCreate":1624245719058,"gmtModify":1703831458345,"author":{"id":"3581996555408245","authorId":"3581996555408245","name":"Huijieh","avatar":"https://static.tigerbbs.com/2d43c114a80239385956b77ead54f240","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581996555408245","authorIdStr":"3581996555408245"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167398964","repostId":"1135860567","repostType":4,"repost":{"id":"1135860567","kind":"news","pubTimestamp":1624243350,"share":"https://ttm.financial/m/news/1135860567?lang=&edition=fundamental","pubTime":"2021-06-21 10:42","market":"us","language":"en","title":"Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines","url":"https://stock-news.laohu8.com/highlight/detail?id=1135860567","media":"WSJ","summary":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plan","content":"<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p>\n<p>More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p>\n<p>Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p>\n<p>But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p>\n<p>The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p>\n<p>“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p>\n<p>Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p>\n<p>AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p>\n<p>It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p>\n<p>Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p>\n<p>Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p>\n<p>On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p>\n<p>Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p>\n<p>Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p>\n<p>“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p>\n<p>“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p>\n<p>Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p>\n<p>Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p>\n<p>Howard Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p>\n<p>Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p>\n<p>The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p>\n<p>Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p>\n<p>“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTroubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 10:42 GMT+8 <a href=https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6><strong>WSJ</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with ...</p>\n\n<a href=\"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc.","AMC":"AMC院线","BTU":"Peabody","RIG":"Transocean Ltd."},"source_url":"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135860567","content_text":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.\nSelling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.\nBut equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.\nThe planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.\n“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”\nPeabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.\nAMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.\nIt is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.\nSince exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.\nExpress, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.\nOn Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.\nPeabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.\nJamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.\n“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”\n“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.\nInflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.\nIndividual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.\nHoward Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.\nHertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.\nThe bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.\nAdi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.\n“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
